The Investment Industry Regulatory Organization of Canada (IIROC) will revise its implementation dates for key initiatives, to coincide with plans from the Canadian Securities Administrators (CSA) to extend implementation deadlines as a result of the COVID-19 pandemic.
IIROC will extend its implementation dates for its Plain Language Rulebook (IIROC Rules) to December 31, 2021. The IIROC Rules provide a clear, organized and modernized rewrite of IIROC's existing Dealer Member Rules – making them simpler to navigate and interpret.
This change in deadline stems from today's announcement from the CSA that it will postpone the first phase of the Client Focused Reforms (CFRs). Conflict of interest amendments were extended by the CSA to June 30, 2021. The deadline for the second phase – requirements for relationship disclosure information – remains as December 31, 2021.
"IIROC is committed to helping investment firms navigate through the COVID-19 pandemic," says Irene Winel, IIROC's Senior Vice-President, Member Regulation and Strategy. "IIROC will continue to collaborate with the CSA and other regulators to protect investors and the integrity of Canada's capital markets during these unprecedented times."
The CFRs form an important step in enhancing the client-registrant relationship by better aligning the interests of investment firms, advisers and representatives with the interests of their clients. They will improve client outcomes, and make clearer to clients the nature and the terms of their relationships with registered advisors.
